AM Best Comments on Credit Ratings of Markel Corporation and Its Subsidiaries
December 06 2018 - 7:11PM
Business Wire
AM Best has commented that the Credit Ratings (ratings)
of Markel Corporation [NYSE: MKL] (headquartered in Richmond, VA)
and its insurance operating subsidiaries are unchanged by the
company’s statement that it is fully cooperating with inquiries
received from U.S. and Bermuda authorities regarding loss reserves
recorded at Markel CATCo Investment Management Ltd. and its
subsidiaries in late 2017 and 2018. The inquiry does not involve
any other Markel Corporation companies, including any subsidiary
rated by AM Best. Markel has retained outside counsel to conduct an
internal review.
No rating actions are being taken at this time as the
information available does not warrant any such action. AM Best
will continue to monitor the situation and take rating action if it
becomes appropriate.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Understanding Best’s Credit Ratings. For
information on the proper media use of Best’s Credit Ratings and AM
Best press releases, please view Guide for Media - Proper
Use of Best’s Credit Ratings and AM Best Rating Action Press
Releases.
AM Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit
www.ambest.com for more information.
Copyright © 2018 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Jennifer Marshall, CPCU, ARMDirector+1 908 439
2200, ext. 5327jennifer.marshall@ambest.com
Christopher SharkeyManager, Public Relations+1
908 439 2200, ext. 5159christopher.sharkey@ambest.com
Michael Lagomarsino, CFA, FRMSenior Director+1
908 439 2200, ext. 5810michael.lagomarsino@ambest.com
Jim PeavyDirector, Public Relations+1 908 439
2200, ext. 5644james.peavy@ambest.com